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<PAGE> PAGE 7
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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073 C000400 0.0000
074 A000400 23
074 B000400 0
074 C000400 3360
074 D000400 7328
074 E000400 2112
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<PAGE> PAGE 21
074 O000400 2091
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074 R040400 445
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074 U010400 6037
074 U020400 0
074 V010400 14.57
074 V020400 0.00
074 W000400 0.0000
074 X000400 3937
074 Y000400 0
075 A000400 0
075 B000400 76278
076 000400 0.00
028 A010500 674
028 A020500 94
028 A030500 0
028 A040500 397
028 B010500 2073
028 B020500 95
028 B030500 0
028 B040500 120
028 C010500 1064
028 C020500 102
028 C030500 0
028 C040500 609
028 D010500 1425
028 D020500 102
028 D030500 0
028 D040500 578
028 E010500 683
028 E020500 99
028 E030500 0
028 E040500 604
028 F010500 269
028 F020500 102
028 F030500 0
028 F040500 1292
028 G010500 6188
028 G020500 594
028 G030500 0
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042 A000500 2
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<PAGE> PAGE 22
042 D000500 62
042 E000500 24
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043 000500 0
044 000500 0
045 000500 Y
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047 000500 Y
048 000500 0.000
048 A010500 100000
048 A020500 0.625
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048 D010500 0
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048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 100000
048 K020500 0.500
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
053 C000500 N
055 A000500 N
055 B000500 N
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
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<PAGE> PAGE 23
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062 O000500 98.0
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062 Q000500 0.0
062 R000500 0.0
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066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 Y
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
<PAGE> PAGE 24
070 R020500 N
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<PAGE> PAGE 25
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SIGNATURE MARTIN JAFFE
TITLE TREASURER
Winthrop Focus Funds
For the period November 1, 1994 through October 31,1995
NSAR #77.0 - 10f.3 Transactions
-------------------------------
Exhibit
- -------
77.B Accountant's report on internal control
77.0-1 Transactions effected pursuant to Rule 10f-3
77.0-2 Underwriting syndicate's members - Winthrop Aggressive Growth Fund
- Thompson PBE Inc.
77.0-3 Information upon which the determination described in paragraph (h)
(3) of Rule 10f-3 was made
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> GROWTH
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-1-1994
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 45,427,251
<INVESTMENTS-AT-VALUE> 55,169,011
<RECEIVABLES> 2,796,651
<ASSETS-OTHER> 25,860
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 57,991,522
<PAYABLE-FOR-SECURITIES> 1,780,860
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 264,512
<TOTAL-LIABILITIES> 2,045,372
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42,200,065
<SHARES-COMMON-STOCK> 4,927,103
<SHARES-COMMON-PRIOR> 4,850,129
<ACCUMULATED-NII-CURRENT> 159,043
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,845,282
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,741,760
<NET-ASSETS> 55,946,150
<DIVIDEND-INCOME> 827,652
<INTEREST-INCOME> 215,823
<OTHER-INCOME> 0
<EXPENSES-NET> 859,087
<NET-INVESTMENT-INCOME> 184,388
<REALIZED-GAINS-CURRENT> 3,855,434
<APPREC-INCREASE-CURRENT> 2,214,074
<NET-CHANGE-FROM-OPS> 6,069,508
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 58,068
<DISTRIBUTIONS-OF-GAINS> 3,314,586
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 532,740
<NUMBER-OF-SHARES-REDEEMED> 743,608
<SHARES-REINVESTED> 287,842
<NET-CHANGE-IN-ASSETS> 3,491,341
<ACCUMULATED-NII-PRIOR> 32,723
<ACCUMULATED-GAINS-PRIOR> 3,304,434
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 395,327
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 859,087
<AVERAGE-NET-ASSETS> 52,708,160
<PER-SHARE-NAV-BEGIN> 10.82
<PER-SHARE-NII> 0.037
<PER-SHARE-GAIN-APPREC> 1.190
<PER-SHARE-DIVIDEND> 0.012
<PER-SHARE-DISTRIBUTIONS> 0.685
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.35
<EXPENSE-RATIO> 1.63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> FIXED INCOME
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-1-1994
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 51,319,113
<INVESTMENTS-AT-VALUE> 52,593,649
<RECEIVABLES> 4,291,886
<ASSETS-OTHER> 164,817
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 57,050,352
<PAYABLE-FOR-SECURITIES> 3,013,768
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 151,798
<TOTAL-LIABILITIES> 3,165,566
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 52,822,440
<SHARES-COMMON-STOCK> 5,274,893
<SHARES-COMMON-PRIOR> 4,051,251
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (212,190)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,274,536
<NET-ASSETS> 53,884,786
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,113,349
<OTHER-INCOME> 0
<EXPENSES-NET> 451,195
<NET-INVESTMENT-INCOME> 2,662,154
<REALIZED-GAINS-CURRENT> 221,384
<APPREC-INCREASE-CURRENT> 2,303,777
<NET-CHANGE-FROM-OPS> 5,187,315
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,662,154
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,205,344
<NUMBER-OF-SHARES-REDEEMED> 1,159,789
<SHARES-REINVESTED> 178,087
<NET-CHANGE-IN-ASSETS> 14,734,633
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (433,574)
<GROSS-ADVISORY-FEES> 281,997
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 681,594
<AVERAGE-NET-ASSETS> 45,114,910
<PER-SHARE-NAV-BEGIN> 9.66
<PER-SHARE-NII> 0.588
<PER-SHARE-GAIN-APPREC> 0.560
<PER-SHARE-DIVIDEND> 0.588
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.22
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> AGGRESSIVE GROWTH
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-1-1994
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 179,672,837
<INVESTMENTS-AT-VALUE> 202,322,201
<RECEIVABLES> 3,381,902
<ASSETS-OTHER> 63,668
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 205,767,771
<PAYABLE-FOR-SECURITIES> 2,032,769
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,005,373
<TOTAL-LIABILITIES> 3,038,142
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190,048,225
<SHARES-COMMON-STOCK> 12,204,330
<SHARES-COMMON-PRIOR> 9,239,559
<ACCUMULATED-NII-CURRENT> 405,162
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 10,373,122
<ACCUM-APPREC-OR-DEPREC> 22,649,364
<NET-ASSETS> 202,729,629
<DIVIDEND-INCOME> 2,571,391
<INTEREST-INCOME> 694,900
<OTHER-INCOME> 0
<EXPENSES-NET> 2,861,129
<NET-INVESTMENT-INCOME> 405,162
<REALIZED-GAINS-CURRENT> 4,891,763
<APPREC-INCREASE-CURRENT> 13,889,695
<NET-CHANGE-FROM-OPS> 19,186,620
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 6,165,603
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,656,242
<NUMBER-OF-SHARES-REDEEMED> 2,074,286
<SHARES-REINVESTED> 382,815
<NET-CHANGE-IN-ASSETS> 58,105,176
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (9,099,282)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,432,939
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,861,129
<AVERAGE-NET-ASSETS> 174,556,460
<PER-SHARE-NAV-BEGIN> 15.65
<PER-SHARE-NII> 0.035
<PER-SHARE-GAIN-APPREC> 1.621
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.696
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.61
<EXPENSE-RATIO> 1.64
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> GROWTH & INCOME
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-1-1994
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 72,096,786
<INVESTMENTS-AT-VALUE> 89,932,581
<RECEIVABLES> 608,787
<ASSETS-OTHER> 23,055
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 90,564,423
<PAYABLE-FOR-SECURITIES> 2,090,757
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 498,763
<TOTAL-LIABILITIES> 2,589,520
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 67,896,975
<SHARES-COMMON-STOCK> 6,036,931
<SHARES-COMMON-PRIOR> 5,010,392
<ACCUMULATED-NII-CURRENT> 126,699
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,115,434
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17,835,795
<NET-ASSETS> 87,974,903
<DIVIDEND-INCOME> 1,826,181
<INTEREST-INCOME> 824,086
<OTHER-INCOME> 0
<EXPENSES-NET> 1,188,201
<NET-INVESTMENT-INCOME> 1,462,066
<REALIZED-GAINS-CURRENT> 2,114,892
<APPREC-INCREASE-CURRENT> 8,320,026
<NET-CHANGE-FROM-OPS> 11,896,984
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,501,908
<DISTRIBUTIONS-OF-GAINS> 2,871,832
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,461,068
<NUMBER-OF-SHARES-REDEEMED> 697,917
<SHARES-REINVESTED> 263,368
<NET-CHANGE-IN-ASSETS> 20,954,994
<ACCUMULATED-NII-PRIOR> 166,541
<ACCUMULATED-GAINS-PRIOR> 2,852,374
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 556,556
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,188,201
<AVERAGE-NET-ASSETS> 75,359,445
<PER-SHARE-NAV-BEGIN> 13.38
<PER-SHARE-NII> 0.254
<PER-SHARE-GAIN-APPREC> 1.769
<PER-SHARE-DIVIDEND> 0.266
<PER-SHARE-DISTRIBUTIONS> 0.567
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.57
<EXPENSE-RATIO> 1.58
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> MUNICIPAL TRUST
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-1-1994
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 37,308,075
<INVESTMENTS-AT-VALUE> 38,213,098
<RECEIVABLES> 2,415,839
<ASSETS-OTHER> 88,709
<OTHER-ITEMS-ASSETS> 58,092
<TOTAL-ASSETS> 40,775,738
<PAYABLE-FOR-SECURITIES> 1,103,452
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 613,508
<TOTAL-LIABILITIES> 1,716,960
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 39,052,710
<SHARES-COMMON-STOCK> 3,883,837
<SHARES-COMMON-PRIOR> 3,626,455
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (898,955)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 905,023
<NET-ASSETS> 39,058,778
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,785,549
<OTHER-INCOME> 0
<EXPENSES-NET> 358,879
<NET-INVESTMENT-INCOME> 1,426,670
<REALIZED-GAINS-CURRENT> (559,335)
<APPREC-INCREASE-CURRENT> 2,549,446
<NET-CHANGE-FROM-OPS> 3,416,781
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,426,670
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,175,181
<NUMBER-OF-SHARES-REDEEMED> 1,030,022
<SHARES-REINVESTED> 112,223
<NET-CHANGE-IN-ASSETS> 4,588,572
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (339,620)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 224,300
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 556,924
<AVERAGE-NET-ASSETS> 35,891,435
<PER-SHARE-NAV-BEGIN> 9.51
<PER-SHARE-NII> 0.389
<PER-SHARE-GAIN-APPREC> 0.550
<PER-SHARE-DIVIDEND> 0.389
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.06
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
ERNST & YOUNG LLP . 787 Seventh Avenue . Phone: 212 773 3000
New York, New York 10019
Shareholders and Broad of Trustees
Winthrop Focus Funds
In planning and performing our audit of the financial statements of Winthrop
Focus Funds for the year ended October 31, 1995, we considered its internal
control structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of Winthrop Focus Funds is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgements by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principals.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
October 31, 1995.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ ERNST & YOUNG LLP
ERNST & YOUNG LLP
November 28, 1995
77.0-1
Securities Purchase in Underwriting Involving
Transactions with Donaldson, Lufkin & Jenrette Securities Corporation
Subject to Rule 10f-3 Under the Investment Company Act of 1940
10f-3 Transactions for the Period
November 1, 1994 through October 31, 1994
Total Shares
Date Shares Price/ Shares Held
Security Purch. Purch. Share Issued Broker 10/31/95
- -------- ------ ------ ------ ------ ------ --------
Thompson 09/28/95 62,400 $16.00 3,000,000 Smith Barney 62,400
PBE Inc. William Blair
PaineWebber
77.0-2
UNDERWRITING
The underwriters named below, for whom Smith Barney Inc., William Blair &
Company and PaineWebber Incorporated are acting as Representatives, have
severally agreed, subject to the terms and conditions contained in the
Underwriting Agreement, to purchase, and the Company and the Selling
Stockholders have agreed to sell, the aggregate number of shares of Common Stock
indicated below opposite their names.
Underwriter Number of Shares
----------- ----------------
Smith Barney 778,000
William Blair & Company 777,000
PaineWebber Incorporated 777,000
Alex Brown & Sons Incorporated 62,000
The Chicago Corporation 42,000
Crowell, Weedon & Co. 42,000
Dominick & Dominick Incorporated 42,000
Donaldson, Lufkin & Jenrette
Securities Corporation 62,000
A.G.Edwards & Sons, Inc. 62,000
EVEREN Securities, Inc. 42,000
J.J.B. Hilliard, W.L. Lyons, Inc. 42,000
McDonald & Company Securities Inc. 42,000
Oppenheimer & Co., Inc. 62,000
Piper Jaffray Inc. 42,000
The Robinson-Humphrey Company, Inc. 42,000
Van Kasper & Company 42,000
---------
Total 3,000.000
=========
The nature of the Underwriters' obligations under the Underwriting
Agreement is such that all shares covered by the over-allotment option granted
to the Underwriters must be purchased if any are purchased.
The Underwriters have advised the Company and the Selling Stockholders that
the several Underwriters propose to offer the Common Stock to the public
initially at the public offering price set forth on the cover page of this
Prospectus and to selected dealers at such price less a concession of not more
than $0.52 per share. The Underwriters may allow, and such dealers may reallow,
a concession not in excess of $0.10 per share to certain other dealers. The
public offering price and concessions and reallowances to dealers may in the
future be changed by the Representatives.
The Company and the Selling Stockholders have granted to the Underwriters
an option, exercisable within 30 days after the date of this Prospectus, to
purchase up to an additional 271,475 and 178,525 shares of Common Stock,
respectively, to cover over-allotments, at the same price per share to be paid
by the Underwriters for the other shares offered hereby. All of the shares of
Common Stock offered by the Company pursuant to such over-allotment option must
be purchased before any shares are purchased from the Selling Stockholders
thereunder. If the Underwriters purchase any such additional shares pursuant to
this option, each of the Underwriters will be committed to purchase such
additional shares in approximately the same proportion as set forth in the table
above. The Underwriters may exercise the option only for the purpose of
covering over-allotments, if any, made in connection with this offering.
The Company, the Selling Stockholders and the Company's directors and
executive officers have agreed, subject to certain exceptions, that they will
not, directly or indirectly, offer, sell contract to sell otherwise dispose of
or transfer any Common Stock of the Company, or any security convertible into,
or exercisable or exchangeable for, such Common Stock for a period of 90 days
after the date of this Prospectus without the prior written consent of Smith
Barney Inc., which may be granted or withheld in its sole discretion, except for
the Common Stock offered hereby and, with respect to the Company, except for the
grant of stock options under the 1994 Plan and the Outside Director Plan, the
issuance of shares upon the conversion or exercise of options under granted
under such plans and the exercise of warrants which are currently outstanding or
which the Company is obligated to issue.
The rules of the Commission generally prohibit the Underwriters from making
a market in the Common Stock during the two business day period prior to
commencement of sales in this offering (the "Cooling Off Period"). The
Commission has, however, adopted Rule 10b-6A ("Rule 10b-6A") which provides an
exemption from such prohibition for certain passive market making transactions.
Such passive market making transactions must comply with applicable price and
volume limits and must be identified as
EXHIBIT # 77.0(3)
WINTHROP FOCUS FUNDS
--------------------
Authorization to Purchase Securities During An
Underwriting Involving Donaldson, Lufkin & Jenrette
Securities Corporation in Compliance with Rule 10f-3
under the Investment Company Act of 1940
----------------------------------------
In accordance with paragraph (h)(1) of Rule 10f-3 under the
Investment Company Act of 1940, the Board of Trustees of Winthrop
Focus Funds (the "investment company"), including a majority of
the Trustees who are not interested persons thereof, hereby
adopts the following procedures with respect to the purchase by
the investment company of securities during the existence of an
underwriting syndicate in which Donaldson, Lufkin & Jenrette
Securities Corporation may participate as a manager or co-manager
of the underwriting or as a member of the underwriting syndicate
(principal underwriter):
1. All such purchases must be effected in compliance with
the following conditions:
a) The securities to be purchased are (1) either (i) part
of an issue registered under the Securities Act of 1933
which is being offered to the public or (ii) municipal
securities as defined in Section 3(a)(29) of the
Securities Exchange Act of 1934, (2) purchased at not
more than the public offering price prior to the end of
the first full business day after the first date on
which the issue is offered to the public, if not
offered for subscription upon exercise or rights or, if
so offered, purchased on or before the fourth day
preceding the day on which the rights offering
terminates, and (3) offered pursuant to an underwriting
agreement under which the underwriters are committed to
purchase all of the securities being offered, except
those purchased by others pursuant to a rights
offering, if the underwriters purchase any thereof;
Page 1 of 4
<PAGE>
EXHIBIT # 77.0(3)
b) The appropriate officers of the investment company have
determined that the commission, spread or profit
received, or to be received, by the principal
underwriters is reasonable and fair compared to the
commission, spread or profit received by other such
persons in connection with the underwriting of similar
securities being sold during a comparable period of
time;
c) In respect to (1) any issue of securities other than
municipal securities, the issuer of such securities to
be purchased shall have been in continuous operation
for not less than three years, including the operations
of any predecessors, or (2) any issue of municipal
securities, (i) such issue shall have received an
investment grade rating from at least one of the
nationally recognized statical rating organizations,
or (ii) if the issuer of the municipal securities to be
purchased, or the entity supplying the revenues from
which the issue is to be paid, shall have been in
continuous operation for less than three years,
including the operation of any predecessors, the issue
shall have received one of the three highest ratings
from one such rating organization;
d) The amount of securities of any class of such issue to
be purchased by the investment company, or by two or
more investment companies having Wood, Struthers &
Winthrop Management Corp. as an investment adviser,
shall not exceet 4 percent of the principal amount of
the offering of such class or $500,000 in principal
amount, whichever is greater, but in no event, greater
than 10 percent of the principal amount of the
offering, and the investment company shall have
received a certification from Wood, Struthers &
Winthrop Managemenr Corp. as to proposed purchases of
such securities by all investment companies having
Wood, Struthers & Winthrop Management Corp. as
investment adviser;
e) The consideration to be paid by the investment company
in purchasing the securities being offered shall not
exceed 3 percent of the total assets of such registered
investment company;
f) Such investment company does not purchase the
securities being offered directly or indirectly from an
officer, trustee, member of an advisory board,
investment adviser or employee of such investment
Page 2 of 4
<PAGE>
EXHIBIT # 77.0(3)
company or from a person of which any such officer,
trustee, member of an advisory board, investment
adviser or employee is an affiliated person; Provided,
that a purchase from a syndicate manager shall not be
deemed to be a purchase from a specific underwriter (1)
so long as that underwriter does not benefit directly
or indirectly from the transaction, or (2) in respect
to the purchase of municipal securities, so long as
such purchases are not designated as group sales or
otherwise allocated to the account of persons from whom
this paragraph prohibits the purchases, and in the
event such a purchase is made, the investment company
shall have received a certification from Donaldson,
Lufkin & Jenrette Securities Corporation as to matters
which would permit the purchase to qualify under
clauses (1) or (2) of thei paragraph; and
g) The existence of any transactions effected pursuant to
this Rule shall be reported on the Form N-SAR of the
investment company and a written record of each such
transaction, setting forth from whom the securities
were acquired, the identity of the underwriting
syndicate's members, the terms of the transaction, and
the information or materials upon which the
determination described in paragraph (h)(3) of Rule
10f-3 was made shall be attached thereto.
2. These procedures will be reviewed annually by the Board
of Trustees to determine their continuing appropriateness.
3. The Board of Trustees will determine no less frequently
than quarterly that all such purchases during the preceding
quarter were effected in compliance with these procedures.
4. The appropriate officers of the investment company will
review with the Board of Trustees at each quarterly meeting all
purchases made pursuant to these procedures and all related
matters.
5. The investment company will maintain and preserve
permanently in an easily accessible place a written copy of
Page 3 of 4
<PAGE>
EXHIBIT # 77.0(3)
these pocedures and any modifications thereto and will maintain
and preserve for a period of not less than six years from the end
of the fiscal year in which any transactions occurred (the first
two years in an easily accessible place) a written record of each
such transaction, setting forth the name of the broker/dealer
from whom the securities were acquired, the identity of the
underwriting syndicate's members, the terms of the transaction
and the information or materials upon which the determinations
required by paragraph 3 above was based.
Page 4 of 4
<PAGE>
EXHIBIT # 77.0(3)
[Para. 48.084] Exemption of Acquisition of Securities
during the Existence of Under-
writing Syndicate
>>> Rule 10f-3 is amended. See below.
Reg. Sec. 270.10f-3. Any purchase of securities by a registered investment
company prohibited by section 10(f) of the act shall be exempt from the
provisions of such section if the following conditions are met:
(a) The securities to be purchased are (1) either (i) part of an issue
registered under the Securities Act of 1933 [15 U.S.C. 77a et seq.] which is
being offered to the public or (ii) municipal securities as defined in section
3(a)(29) of the Securities Exchange Act of 1934 [15 U.S.C 78c(a)(29)], (2)
purchased at not more than the public offering price prior to the end of the
first full business day after the first date on which the issue is offered to
the public, if not offered for subscription upon exercise of rights or, if so
offered, purchased on or before the fourth day preceding the day on which the
rights offering terminates, and (3) offered pursuant to an underwriting
agreement under which the underwriters are committed to purchase all of the
securities being offered, except those purchased by others pursuant to a rights
offering, if the underwriters purchase any thereof;
(b) The commission, spread or profit received, or to be received, by the
principal underwriters is reasonable and fair compared to the commission, spread
or profit received by other such persons in connection with the underwriting of
similar securities being sold during a comparable period of time;
(c) In respect to (1) any issue of securities other than municipal
securities, the issuer of such securities to be purchased shall have been in
continuous operation for not less than three years, including the operations of
any predecessors, or (2) any issue of municipal securities, (i) such issue shall
have received an investment grade rating from at least one of the nationally
recognized statical rating organizations, or (ii) if the issuer of the municipal
securities to be purchased, or the entity supplying the revenues from which the
issue is to be paid, shall have been in continuous operation for less than three
years, including the operation of any predecessors, the issue shall have
received one of the three highest ratings from one such rating organization;
(d) The amount of securities of any class of such issue to be purchased by
the investment company, or by two or more investment companies having the same
investment adviser, shall not exceet 4 percent of the principal amount of the
offering of such class or $500,000 in principal amount, whichever is greater,
but in no event, greater than 10 percent of the principal amount of the
offering;
(e) The consideration to be paid by the investment company in purchasing
the securities being offered shall not exceed 3 percent of the total assets of
such registered investment company;
(f) Such investment company does not purchase the securities being offered
directly or indirectly from an officer, trustee, member of an advisory board,
investment adviser or employee of such investment company or from a person of
which any such officer, trustee, member of an advisory board, investment adviser
or employee is an affiliated person; Provided, That a purchase from a syndicate
manager shall not be deemed to be a purchase from a specific underwriter (1) so
long as that underwriter does not benefit directly or indirectly from the
transaction, or (2) in respect to the purchase of municipal securities, so long
as such purchases are not designated as group sales or otherwise allocated to
the account of persons from whom this paragraph prohibits the purchases;
<PAGE>
EXHIBIT # 77.0(3)
>>> Paragraph (g) is amended. See below.
(g) All transactions effected pursuant to this rule shall be reported on
the form N-1Q [17 CFR Sec. 274.106] of the investment company;
>>> Reproduced below is the text of paragraph (g) as amended,
effective August 8, 1985.
(g) The existence of any transactions effected pursuant to this Rule shall
be reported on the Form N-SAR [17 CFR 274.101] of the investment company and a
written record of each such transaction, setting forth from whom the securities
were acquired, the identity of the underwriting syndicate's members, the terms
of the transaction, and the information or materials upon which the
determination described in paragraph (h)(3) of Rule 10f-3 was made shall be
attached thereto; [Amended in Release No. IC-I4606 (Para. 83.796), effective
August 8, 1985, 50 F.R. 27937.]
(h) The board of directors, including a majority of the directors of the
investment company who are not interested persons with respect thereto, (1) have
adopted procedures, pursuant to which such purchases may be effected for the
company, which are reasonably designed to provide that all the conditions of
this rule in paragraphs (a) through (g) have been complied with, (2) review no
less frequently than annually such procedures for their continuing
appropriateness and (3) determiine no less frequently than quarterly that all
purchases made during the preceding quarter were effected in compliance with
such procedures; and
(i) The investment company (1) shall maintain and preserve permanently in
an easily accessible place a written copy of the pocedures (and any modification
thereto) described in paragraph (h)(1) of this section, and (2) shall maintain
and preserve for a period of not less than six years from the end of the fiscal
year in which any transactions occurred, the first two years in an easily
accessible place, a written record of each such transaction, setting forth from
whom the securities were acquired, the identity of the underwriting syndicate's
members, the terms of the transaction, and the information or materials upon
which the determinations described in paragraph (h)(3) of this section was made.
